Tesla (TSLA) announces shareholder meeting, will vote on equity plan, directors, and more

Today, Tesla (TSLA) announced its upcoming 2019 shareholders meeting on June 11, 2019, at 2:30 p.m. Pacific Time, at the Computer History Museum, where shareholders will vote on a new equity plan, some directors, and more.

Tesla’s shareholder’s meeting generally starts with the official items, which this year includes voting to reelect 2 board members, voting on a new equity plan, ratifying Tesla’s independent registered public accounting firm, voting on two shareholder proposals, and more.

Here’s the full list:

  • A Tesla proposal to elect two Class III directors to serve for a term of three years, subject to the approval of Proposal Five, or until their respective successors are duly elected and qualified (“Proposal One”).
  • A Tesla proposal to approve the Tesla, Inc. 2019 Equity Incentive Plan (“Proposal Two”).
  • A Tesla proposal to approve the Tesla, Inc. 2019 Employee Stock Purchase Plan (“Proposal Three”).
  • A Tesla proposal to approve and adopt amendments to our certificate of incorporation and bylaws to eliminate applicable supermajority voting requirements (“Proposal Four”).
  • A Tesla proposal to approve an amendment to our certificate of incorporation to reduce director terms from three years to two years (“Proposal Five”).
  • A Tesla proposal to ratify the appointment of PricewaterhouseCoopers LLP as Tesla’s independent registered public accounting firm for the fiscal year ending December 31, 2019 (“Proposal Six”).
  • A stockholder proposal regarding a public policy committee, if properly presented (“Proposal Seven”).
  • A stockholder proposal regarding simple majority voting provisions in our governing documents, if properly presented (“Proposal Eight”).

A few weeks ago, Tesla already announced that 4 board members, Brad Buss, Antonio Gracias, Stephen Jurvetson, and Linda Johnson Rice, are going to leave the board.

The automaker is also recommending that shareholders vote against the two stockholder proposals.

After the official items, CEO Elon Musk generally comes on stage for a quick presentation and then he answers questions from shareholders.

Here’s the full SEC filing with all the details about the Tesla 2019 Shareholder Meeting:

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Electrek’s Take

This year’s shareholder meeting should be interesting with the big changes to the board.

It’s going to be the new Chairwoman’s first shareholder meeting. It will be interesting to see if she has a bigger role during the meeting or if Elon still runs it as CEO.

As for the stockholder proposals, I agree with Tesla’s recommendation to vote against them. The first one just seems half-baked while the second one appears to be rendered mostly useless in the context of Tesla’s own proposition to eliminate applicable supermajority voting requirements.

What do you think? Let us know in the comment section below.

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